AbbVie Reports First Earnings Since IPO
AbbVie Inc. (NYSE: ABBV) reported first-quarter 2013 results before markets opened this morning. The pharmaceutical research firm posted adjusted diluted earnings per share (EPS) of $0.68 on revenues of $4.33 billion. Total sales were up 3.7% compared with the first quarter of 2012, when AbbVie was still a division of Abbott Laboratories (NYSE: ABT). There was no consensus EPS estimate and revenue estimates ranged from $4.84 to $5.22 billion.
On a GAAP basis, AbbVie reported quarterly EPS of $0.60, which excludes intangible asset amortization expenses and other items.
The company affirmed its adjusted EPS guidance for the full year of $3.03 to $3.13, which does not include $0.37 per share of items primarily related to costs associated with its separation from Abbott Labs.
The company's CEO said:
The business generated strong sales growth despite loss of exclusivity in our lipid franchise, which speaks to the foundation of AbbVie's product portfolio. Additionally, we advanced our promising pipeline during the first quarter, with continued progress across our mid- and late-stage development programs.
AbbVie has now put a stake in the ground and provided investors with some information about the company going forward. Adjusted gross margin totaled 76.2% in the first quarter, and operating profit of $1.31 billion topped the $978 million the company earned in the first quarter of 2012.
The company's shares are down about 0.1% in premarket trading, at $44.20 in a post-IPO range of $32.51 to $46.32. Thomson Reuters had a consensus analyst price target of around $40.90 before today's report.
Filed under: 24/7 Wall St. Wire, Earnings, Pharmaceuticals Tagged: ABBV, ABT